California Resources higher with oil; Intelsat up ahead of earnings; iHeart ticks lower

By Colin Hanner

Chicago, April 26 – Business as usual continued in the distressed debt market on Wednesday, traders said, which meant that the same tame trading seen of late continued.

Of the most-active issuances, California Resources Corp. was higher as crude oil futures snapped a six-day drought of gains with a fractional gain.

A day following its first-quarter results, Freeport McMoRan Inc. saw continued gains on the session, and though not distressed, U.S. Steel Corp. announced dismal first-quarter numbers on Wednesday, causing one of its long-term notes to fall several points into the high-80s range.

Ahead of its earnings on Thursday, Intelsat SA’s subsidiaries were trading higher on the session, led by Intelsat Jackson Holdings SA.

With its tender exchange deadline approaching on Friday, iHeartCommunications, Inc.’s notes were again a “smidge” weaker, a trader said, building on losses from Tuesday.

Pharmaceutical companies were higher on the day, with Candian Valeant Pharmaceuticals International Inc. contributing the most from the distressed realm.

A string of retailers were higher or flat on the session, and a handful of one-off distressed names continued to trade on lackluster trading in the market.

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